Procore Technologies (NYSE:PCOR) Price Target Raised to $93.00

Procore Technologies (NYSE:PCOR) had its price target upped by Stifel Nicolaus from $84.00 to $93.00 in a report released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also weighed in on PCOR. Canaccord Genuity Group raised their target price on shares of Procore Technologies from $67.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Baird R W upgraded Procore Technologies to a “strong-buy” rating in a research report on Tuesday, September 24th. UBS Group began coverage on Procore Technologies in a report on Monday, December 2nd. They issued a “buy” rating and a $105.00 target price for the company. JPMorgan Chase & Co. raised their target price on Procore Technologies from $85.00 to $92.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. Finally, Piper Sandler raised their price objective on shares of Procore Technologies from $70.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Procore Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $84.24.

Procore Technologies Stock Performance

Shares of NYSE:PCOR opened at $76.53 on Wednesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. Procore Technologies has a 1 year low of $49.46 and a 1 year high of $86.67. The firm has a market capitalization of $11.38 billion, a PE ratio of -153.06 and a beta of 0.82. The business’s 50 day moving average price is $72.46 and its 200-day moving average price is $65.64.

Procore Technologies (NYSE:PCOR) last announced its earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.11). Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. The company had revenue of $295.89 million for the quarter, compared to analysts’ expectations of $287.42 million. As a group, equities research analysts expect that Procore Technologies will post -0.23 earnings per share for the current fiscal year.

Insider Activity at Procore Technologies

In other news, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total value of $1,617,374.40. Following the sale, the chief executive officer now directly owns 770,458 shares in the company, valued at approximately $54,979,882.88. This trade represents a 2.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Connor Kevin J. O sold 33,332 shares of the business’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $81.93, for a total value of $2,730,890.76. Following the transaction, the director now directly owns 1,282,648 shares of the company’s stock, valued at $105,087,350.64. The trade was a 2.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 141,193 shares of company stock worth $10,364,826. 29.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Westfield Capital Management Co. LP raised its holdings in Procore Technologies by 39.2% in the third quarter. Westfield Capital Management Co. LP now owns 966,215 shares of the company’s stock valued at $59,635,000 after acquiring an additional 272,030 shares in the last quarter. Advantage Alpha Capital Partners LP increased its position in shares of Procore Technologies by 30.2% in the 3rd quarter. Advantage Alpha Capital Partners LP now owns 126,783 shares of the company’s stock valued at $7,825,000 after purchasing an additional 29,431 shares during the last quarter. Pathstone Holdings LLC increased its position in shares of Procore Technologies by 804.3% in the 3rd quarter. Pathstone Holdings LLC now owns 145,802 shares of the company’s stock valued at $8,999,000 after purchasing an additional 129,679 shares during the last quarter. Long Path Partners LP raised its holdings in shares of Procore Technologies by 5.8% in the 3rd quarter. Long Path Partners LP now owns 358,050 shares of the company’s stock valued at $22,099,000 after purchasing an additional 19,547 shares in the last quarter. Finally, Dragoneer Investment Group LLC lifted its position in shares of Procore Technologies by 254.0% during the 2nd quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock worth $148,762,000 after purchasing an additional 1,609,607 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

About Procore Technologies

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company’s platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects.